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Business Segments | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segments | 13. BUSINESS SEGMENTS The Company's business segments are Aluminum Extrusions, PE Films and Flexible Packaging Films. Aluminum Extrusions, also referred to as Bonnell Aluminum, produces high-quality, soft and medium strength alloyed aluminum extrusions, custom fabricated and finished, for the building and construction, automotive and transportation, consumer durables goods, machinery and equipment, electrical and renewable energy, and distribution markets. PE Films produces surface protection films, polyethylene overwrap films and films for other markets. Flexible Packaging Films produces polyester based films for use in packaging applications that have specialized properties, such as heat resistance, strength, barrier protection and the ability to accept high-quality print graphics. The Company’s reportable segments are based on its method of internal reporting, which is generally segregated by differences in products. Accounting standards for presentation of segments require an approach based on the way the Company organizes the segments for making operating decisions and how the chief operating decision maker (“CODM”) assesses performance. EBITDA from ongoing operations is the key profitability measure used by the CODM (Tredegar’s President and Chief Executive Officer) for purposes of assessing financial performance. The Company uses sales less freight (“net sales”) as its measure of revenues from external customers at the segment level. This measure is separately included in the financial information regularly provided to the CODM. Earnings before interest and taxes ("EBIT") from ongoing operations is a non-GAAP financial measure included in the reconciliation of segment financial information to consolidated results for the Company below. Information by business segment and geographic area for the last three years is provided in the segment tables below. There were no accounting transactions between segments and no allocations to segments.
Net Sales
(In thousands) | 2023 |  | 2022 |  | 2021
Aluminum Extrusions | $ | 474,803 |  |  | $ | 637,872 |  |  | $ | 539,325 |
PE Films | 76,763 |  |  | 97,571 |  |  | 118,920 |
Flexible Packaging Films | 126,326 |  |  | 168,139 |  |  | 139,978 |
Total net sales | 677,892 |  |  | 903,582 |  |  | 798,223 |
Add back freight | 26,933 |  |  | 34,982 |  |  | 28,232 |
Sales as shown in consolidated statements of income (loss) | $ | 704,825 |  |  | $ | 938,564 |  |  | $ | 826,455 |
Refer to Notes to Financial Tables that follow these tables.
EBITDA from Ongoing Operations
(In thousands) | 2023 |  | 2022 |  | 2021
Aluminum Extrusions: |  |  |  |  |
Ongoing operations: |  |  |  |  |
EBITDA | $ | 37,976 |  |  | $ | 66,800 |  |  | $ | 55,948 |
Depreciation & amortization | (17,927) |  |  | (17,414) |  |  | (16,272) |
EBIT | 20,049 |  |  | 49,386 |  |  | 39,676 |
Plant shutdowns, asset impairments, restructurings and other (a) | (3,557) |  |  | (310) |  |  | 3,237 |
PE Films: |  |  |  |  |
Ongoing operations: |  |  |  |  |
EBITDA | 11,217 |  |  | 11,949 |  |  | 27,694 |
Depreciation & amortization | (6,522) |  |  | (6,280) |  |  | (6,263) |
EBIT | 4,695 |  |  | 5,669 |  |  | 21,431 |
Plant shutdowns, asset impairments, restructurings and other (a) | (4,972) |  |  | (646) |  |  | (371) |
Goodwill impairment | (34,891) |  |  | — |  |  | — |
Flexible Packaging Films: |  |  |  |  |
Ongoing operations: |  |  |  |  |
EBITDA | 4,383 |  |  | 27,452 |  |  | 31,684 |
Depreciation & amortization | (2,865) |  |  | (2,444) |  |  | (1,988) |
EBIT | 1,518 |  |  | 25,008 |  |  | 29,696 |
Plant shutdowns, asset impairments, restructurings and other (a) | (113) |  |  | (91) |  |  | 8,439 |
Total | (17,271) |  |  | 79,016 |  |  | 102,108 |
Interest income | 522 |  |  | 57 |  |  | 73 |
Interest expense | 11,607 |  |  | 4,990 |  |  | 3,386 |
Gain on investment in kaléo (a) | 262 |  |  | 1,406 |  |  | 12,780 |
Stock option-based compensation expense | 231 |  |  | 1,424 |  |  | 2,495 |
Pension settlement loss | 92,291 |  |  | — |  |  | — |
Corporate expenses, net (a) | 39,414 |  |  | 41,221 |  |  | 41,970 |
Income (loss) before income taxes | (160,030) |  |  | 32,844 |  |  | 67,110 |
Income tax expense (benefit) (a) | (54,125) |  |  | 4,389 |  |  | 9,284 |
Net income (loss) | $ | (105,905) |  |  | $ | 28,455 |  |  | $ | 57,826 |
Refer to Notes to Financial Tables that follow these tables.
Identifiable Assets
(In thousands) | 2023 |  | 2022
Aluminum Extrusions | $ | 255,756 |  |  | $ | 293,308 |
PE Films | 56,536 |  |  | 102,431 |
Flexible Packaging Films | 84,062 |  |  | 103,448 |
Subtotal | 396,354 |  |  | 499,187 |
General corporate | 36,652 |  |  | 23,674 |
Cash, cash equivalents and restricted cash (b) | 13,455 |  |  | 19,232 |
Total | $ | 446,461 |  |  | $ | 542,093 |
| Depreciation and Amortization |  | Capital Expenditures
(In thousands) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Aluminum Extrusions | $ | 17,927 |  |  | $ | 17,414 |  |  | $ | 15,326 |  |  | $ | 20,339 |  |  | $ | 23,664 |  |  | $ | 18,914 |
PE Films | 6,522 |  |  | 6,280 |  |  | 6,263 |  |  | 1,772 |  |  | 3,289 |  |  | 2,997 |
Flexible Packaging Films | 2,865 |  |  | 2,444 |  |  | 1,988 |  |  | 4,323 |  |  | 8,151 |  |  | 5,603 |
Subtotal | 27,314 |  |  | 26,138 |  |  | 23,577 |  |  | 26,434 |  |  | 35,104 |  |  | 27,514 |
General corporate (d) | 369 |  |  | 264 |  |  | 207 |  |  | 12 |  |  | 1,771 |  |  | (153) |
Total | $ | 27,683 |  |  | $ | 26,402 |  |  | $ | 23,784 |  |  | $ | 26,446 |  |  | $ | 36,875 |  |  | $ | 27,361 |
Net Sales by Geographic Area (c)
(In thousands) | 2023 |  | 2022 |  | 2021
United States | $ | 537,818 |  |  | $ | 717,049 |  |  | $ | 614,987 |
Exports from the United States to: |  |  |  |  |
Asia | 26,239 |  |  | 41,995 |  |  | 59,242 |
Canada | 15,597 |  |  | 15,264 |  |  | 17,776 |
Europe | 1,905 |  |  | 3,885 |  |  | 4,489 |
Latin America | 6,704 |  |  | 6,867 |  |  | 4,937 |
Operations outside the United States: |  |  |  |  |
Brazil | 89,077 |  |  | 117,896 |  |  | 96,792 |
Asia | 552 |  |  | 626 |  |  | — |
Total | $ | 677,892 |  |  | $ | 903,582 |  |  | $ | 798,223 |
| Identifiable Assets by Geographic Area (c) |  | Property, Plant & Equipment, Net by Geographic Area (c)
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
United States | $ | 320,604 |  |  | $ | 413,512 |  |  | $ | 143,729 |  |  | $ | 146,437 |
Operations outside the United States: |  |  |  |  |  |  |
Brazil | 65,495 |  |  | 72,725 |  |  | 28,121 |  |  | 25,385 |
China | 10,255 |  |  | 12,950 |  |  | 9,361 |  |  | 11,903 |
General corporate | 36,652 |  |  | 23,674 |  |  | 2,244 |  |  | 2,686 |
Cash, cash equivalents and restricted cash (b) | 13,455 |  |  | 19,232 |  |  | n/a |  | n/a
Total | $ | 446,461 |  |  | $ | 542,093 |  |  | $ | 183,455 |  |  | $ | 186,411 |
Refer to Notes to Financial Tables that follow these tables. The Company’s facilities in Pottsville, PA (“PV”) and Guangzhou, China (“GZ”) have a tolling arrangement whereby certain surface protection films are manufactured in GZ for a fee with raw materials supplied from PV that are then shipped by GZ directly to customers principally in the Asian market but paid by customers directly to PV. Amounts associated with this intercompany tolling arrangement are reported in the table above as export sales from the U.S. to Asia, and include net sales of $15.9 million in 2023, $20.1 million in 2022 and $32.7 million in 2021.
Net Sales by Product Group
(In thousands) | 2023 |  | 2022 |  | 2021
Aluminum Extrusions: |  |  |  |  |
Nonresidential building & construction | $ | 264,780 |  |  | $ | 338,981 |  |  | $ | 269,252 |
Consumer durables | 38,897 |  |  | 62,541 |  |  | 53,578 |
Automotive | 48,046 |  |  | 51,286 |  |  | 43,256 |
Machinery & equipment | 43,759 |  |  | 63,326 |  |  | 42,721 |
Distribution | 14,331 |  |  | 29,732 |  |  | 45,639 |
Residential building & construction | 38,388 |  |  | 64,268 |  |  | 52,236 |
Electrical | 26,602 |  |  | 27,738 |  |  | 32,643 |
Subtotal | 474,803 |  |  | 637,872 |  |  | 539,325 |
PE Films: |  |  |  |  |
Surface protection films | 47,463 |  |  | 68,140 |  |  | 88,436 |
Packaging | 29,300 |  |  | 29,431 |  |  | 30,484 |
Subtotal | 76,763 |  |  | 97,571 |  |  | 118,920 |
Flexible Packaging Films | 126,326 |  |  | 168,139 |  |  | 139,978 |
Total | $ | 677,892 |  |  | $ | 903,582 |  |  | $ | 798,223 |
(a)See Notes 1, 5, 9 and 12 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. (b)Cash, cash equivalents and restricted cash includes funds held in locations outside the U.S. of $9.8 million and $10.3 million at December 31, 2023 and 2022, respectively. (c)Export sales relate mostly to PE Films. Operations in Brazil relate to Flexible Packaging Films. (d)Corporate depreciation and amortization are included in corporate expenses, net, on the EBITDA from ongoing operations table above.

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